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Business Week 1
The nature & sources of law / Business ethics
| Question | Answer |
|---|---|
| What is law? | the order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them |
| What is a right? | the legal capacity to require another person to perform or refrain from action |
| What is a duty? | an obligation of law imposed in a person to perform or refrain from performing a certain act |
| What are the sources of law? | Constitutional law, Statutory law, Administrative law, Private law, Case law |
| What is the constitutional law? | The U.S Constitution is the supreme law, which establishes fundamental rights and principles of a government and for people |
| What is statutory law? | Written laws formally passed by a legislative branch and are not created by judges through court decisions |
| What is Administrative law? | Rules promulgated by state and federal administrative agencies |
| What is Private law? | Rules and regulations parties agree to as part of their contractual relationships |
| What is Case law? | Principles expressed for the first time in court decisions |
| What is the difference between Substantive & Procedural laws? | Substantive law is the law that defines rights and liabilities and Procedural law is the law that must be followed in enforcing rights and liabilities |
| What is the difference between Criminal Law and Civil Law? | Criminal law is wrongs against society and Civil law is wrongs against an individual |
| What is the difference between Law & Equity? | Law is the order or pattern of rules that society establishes to govern the conduct of individuals, and the relationships among them Equity is a body of law that provides justice when the law does not offer an adequate remedy or application of the law |
| What is business ethics? | Business ethics balances the goal of profits with values of individuals and society |
| What is Kant’s Categorical Imperative? | Act on rules everyone must operate under the same usage laws and you need to be fair and also must want to do it for the right reasons |
| What is rights theory? | Also known as entitlement theory; everyone has a set of rights, and it is up to the government to protect them |
| What is Ethical Egoism Theory? | We should act in our own self-interest and only judge ourselves |
| What is Utilitarian Theory? | We should do the good for the most amount of people |
| What is Moral Relativists? | Standards should be based upon the circumstances, and there should not be predefined standards |
| What is a stakeholder? | analysis measures the impact of a decision on various groups and asks whether public disclosure of that decision is defensible |
| Why is the importance of trust important in business ethics? | Capitalism succeeds because of trust. The reliance on promises produces good business relationships |
| Why is the importance of a Good Reputation in business ethics? | A company’s name and image, whether good or bad, can have a dramatic impact upon the ability to do business |
| What leads to a change of law? | Complaints about a business lead to changes in the law and in corporate behavior |
| What can lead to a competitive advantage? | Businesses that respond to social forces and the movements of the cycle of societal interaction often gain a competitive advantage |
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user-2008750